Small businesses are great, but profits aren’t always assured. Here are some small business ideas with significant earning potential.
Some of the most profitable small businesses may shock you. You’ll find different ideas below, from home improvement to health care, but they all have one thing in common—earning potential.
According to the Bureau of Labor Statistics, small business ideas with high expectancies of growth over the next decade.
Fitness or Physical Therapy Services
The pandemic seems to have permanently changed the fitness landscape. People are exercising at home and finding wellness push online more than ever. That’s why at-home wellness equipment, programs, and mobile therapy are in high demand.
Though we all hope the pandemic will be over soon, the at-home fitness trend looks to be here to stay. If you already have credentials, now is a great time to put them to work for you by starting a fitness coaching company or delivering mobile physical therapy sessions. If you are interested in fitness but haven’t pursued any official credentials, this may be a brilliant time to invest in training that allows you to offer these services.
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The job outlook for fitness coaches and instructors is growing faster than average, with an expected 15% increase from 2019 to 2029. Physical therapists can predict job opportunities to grow by 18% within that same timeframe.
It should be no wonder that technical services top the list of fastest-growing industries. The outlook for software developers looks particularly promising, with an expected growth of 22% by 2029. App development is a niche that persists in growing, as it’s projected that there will be four billion-plus mobile device users by 2023. Launch your company to help build and update big and small clients.
If you’re without a background in programming, consider taking online courses to build your skillset. The most popular languages for app development include JAVA, Kotlin, Objective-C, Swift, C#, and Python.
Online Consulting Services
The job outlook for administration analysts is 11% growth by 2029, much faster than the national average. Once you’ve learned your field, work with other industries to solve complex problems as a consultant. You could help in various areas, like building their social media presence, managing finances, or optimizing internal resources.
Whether your background is in HR, finance, marketing, or operations, put your expertise to use by opening a consulting firm.
Dropshipping is a retail approach that involves shipping products to customers through third-party vendors. This means you never store or handle the consequences. In turn, dropshipping requires less capital to get started than traditional retail methods.
From 2019 to 2025, the global dropshipping market size is anticipated to grow by 28.8%. What’s causing this massive expansion? With the rise of online shopping and e-commerce, more product sales happen through online stores without inventory.
Before starting a dropshipping business, test your product to ensure quality so that you can confidently promote it.
Home Improvement Services
As house prices continue to rise across the United States, fewer individuals move. Instead, they may decide to renovate and upgrade their current homes. Individuals are also spending more time at home due to the pandemic—giving them more reason and motivation to improve their personal space.
From new flooring to updating bathrooms, many people hire professionals to help improve their projects. Whether you have skills as an electrician, plumber, or general handyman, consider beginning a home improvement business in your area. According to BLS data, construction occupations will grow 4% from 2019 to 2029. This includes carpenters, floor installers, drywall installers, electricians, roofers, and painters.
With more people working remotely and the global growth of e-commerce, the need for cybersecurity solutions has skyrocketed. Firms that help companies plan and implement security measures for IT systems, devices, and webs will be increasingly in demand. Your small business could play a vital role in helping to reduce data breaches and cyberattacks.
The BLS predicts that the need for information security analysts will increase 31% by 2029—much faster than the national average.
Virtual Event Planning
According to 2020 industry data, the global virtual events market will grow 23.2% between 2020 and 2027. The BLS launches the job growth for convention, meeting, and event planners to be 8% between 2019-2029.
From charity fundraisers to conferences, virtual events are here to stay. Among those seeking service with planning include corporations, educational institutions, non-profits, and associations.
Virtual events go beyond setting up a Zoom invite. They can involve video conferences, live streaming, broadcasting, trade shows, job fairs, and sales meetings. As a virtual event planner, you’ll help arrange logistics, set the agenda, build confidence, and drive marketing. You’ll bring the event to life, even when it’s virtual.
You don’t need a specific degree or certification to plan events. If you’re organized, creative, and dedicated to creating a successful event, you can offer your services through a small business.
Commercial Cleaning Services
According to the BLS, occupation growth for building cleaning workers is expected to rise 4.8% and a whopping 9.6% for cleaning supervisors from 2019 to 2029.
During and after the pandemic, businesses want to maintain clean, hygienic spaces. From restrooms to office space to classrooms, cleaning often is outsourced. You can operate as a sole person with little startup expenses and add team members as you grow with a commercial cleaning business.
Following the mass transition to online learning during the pandemic, there is an overwhelming demand for online tutoring. Research shows that the private tutoring market will grow globally by 8.4% by 2027.
Starting a virtual tutoring business typically requires little equipment, and you may already have the skills to get started. Whether you’re experienced at math or can play the piano, you can teach people new skills, all from the comfort of your home. Typical online tutoring subjects include
- preparing for college entrance exams,
- teaching a foreign language, and
- offering individualized help to students with special needs.
Start With What You Know
The first step to forming a new small business is to start with your skillset. Consider your background and interests to find opportunities to build on, like turning your coding skills into an app prototype or using a piece of refinished furniture to launch a home goods store. Find a profitable small business idea by combining market opportunities and your unique skillsets.
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